Orders in Council Database

Under the authority of the Loan and Guarantee Act, 1957, the Lieutenant-Governor in Council is pleased to authorize the Minister of Finance to
 issue a guarantee of the obligations of Corner Brook Pulp and Paper Limited under a letter of credit, up to $88 million, with no expiry date and with interest at the following rates:
a) letter of credit interest up to 0.50 % of the amount of the letter of credit;
b) standby interest up to 0.10 % of the difference between $88 million and the amount of the letter of credit; and
c) the bank’s prime lending rate for commercial loans on all amounts unpaid by Corner Brook Pulp and Paper Limited.